Bank of Ireland Life paid out just more than €110 million in claims last year, an increase of about €13 million on 2014.
This included life cover payments of €70.8 million, specified serious illness claims of €26.75million, income protection claims of almost €9.5million and terminal illness payments of €3.67million.
The average claim by individuals for life cover in 2015 was €54,326, with 62 per cent relating to men. This compared with an average claim of €56,792 in 2014.
The average claim by individuals for serious illness in 2015 was €69,533 compared with €68,264 in the previous year. Some 56 per cent of these claims related to men.
The top three conditions for life cover claims were cancer at 44 per cent, heart at 16 per cent and respiratory at 8 per cent. There were three life cover claims for farm accidents last year and the youngest claim for life cover related to a 30-year-old.
Psychiatric illness
Some 28 per cent of income protection claims were related to psychiatric illness, with 26 per cent related to musculoskeletal issues and 18 per cent to cancer. Some 75 per cent of claims for income protection were paid to women last year.
According to Brian Grimes, head of customer propositions at Bank of Ireland Life, the company has paid out €591 million in claims over the past six years.
“While the average serious illness and income protection claims are generally rising each year, the average amount for life cover claims is steadily decreasing, so consumers need to assess whether they are adequately covered,” he said.
“Insurance companies want to pay valid claims and support people at key times. We’d encourage anyone with a life assurance policy to familiarise themselves with what they’re covered for. They should consider it as future financial support at a time when their family may need it.
“People should ask themselves if their intentions have been made clear with regard to the recipient of the money, and preparing a will is the most obvious way to do this, allowing them to also assess whether they have provided sufficiently for dependants.
“Noting life assurance cover in a will ensures that family or friends are aware of which insurance company to contact in the event of death.”
